Daily Updates

Wall Street has had a choppy couple of days, with mixed trade on Wednesday night, followed by a strong drop at the open overnight and a subsequent partial recovery. The initial weakness during the overnight session was due to weaker-than-expected US Q1 GDP figures and the upside surprise to US Q1 PCE inflation. This combination saw US Treasury yields rise across the yield curve.

Wall Street saw further increases last night, led by communication services and information technology. The Nasdaq gained 1.5%, while the S&P 500 rose 1.2% and the Dow Jones ticked up by 0.7%. There were strong increases for AI posterchild Nvidia, as well as Tesla, though in the case of the latter this was a bounce from a one-year low.

Wall Street started the week on the front foot, supported by a rebound in big tech stocks ahead of earnings reports. The tech-heavy Nasdaq rose by 1.0%, while the S&P 500 picked up by 0.9% and the Dow Jones added 0.7%.

US equity markets were mixed on Friday, with the ongoing sell-off in the stocks of tech giants dragging the S&P 500 and Nasdaq lower, while the Dow Jones, which is less driven by the tech sector, managed to close in black.

It was a calm night in the global financial markets, with global stock market gauge the MSCI World Index being virtually flat. In the US, the Dow Jones closed 0.1% higher, but the S&P 500 declined 0.2% and the Nasdaq fell 0.6%. Declines in the S&P 500 and Nasdaq were led by information technology and consumer discretionary.

Wall Street saw further declines last night, as concerns that sticky inflation will delay Fed rate cuts continued to weigh on sentiment. Declines were led by information technology, while some sectors, particularly utilities, saw solid gains. US Treasury yields declined, however, while the US dollar depreciated somewhat.